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The Trump administration has said a flood of imports threaten some American industries.
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In President Donald Trump's telling, tariffs are the political equivalent of duct tape: you can use them to fix anything.
For example, they're a negotiating tool — he used the threat of tariffs to pressure Canada and Mexico to implement border policies he liked. He also sees tariffs as a revenue source that might help offset his proposed $4.5 trillion in tax cuts and as a shield to protect American manufacturing jobs from overseas competition.
With all of these potentially conflicting aims, and with another major round of tariffs expected to be announced on Wednesday, what is the strategy behind them?
Rana Foroohar, a Financial Times columnist and the author of Homecoming: The Path to Prosperity in a Post-Global World, says they're an "experiment" that could lead to a big change in the way the global economy works.
For sponsor-free episodes of Consider This, sign up for Consider This via Apple Podcasts or at plus.npr.org.
Email us at considerthis@npr.org.
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As the U.S. president weighs increasing tariffs on imports, economists find that prices across many categories could rise as a result.
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President Donald Trump is set Wednesday to begin the biggest gamble of his nascent second term.
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The president did not reveal the details of his plan to impose reciprocal tariffs the same day, but suggested he would move ahead with import taxes on trading partners.
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Trump's upcoming tariffs 'will be effective immediately,' White House says CNBCTrump's ‘Liberation Day' tariffs will go into effect immediately, White House says CNNTrump's tariff gambit will raise the stakes for an economy already looking fragile CNBC
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Business leaders and investors remain on edge ahead of President Trump's expected announcement of a sweeping new round of tariffs.
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